China Modern Dairy : APPOINTMENT OF CHIEF FINANCIAL OFFICER

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China Modern Dairy Holdings Ltd.

中 國 現 代 牧 業 控 股 有 限 公 司

(Incorporated in the Cayman Islands with limited liability)

(Stock Code: 1117) APPOINTMENT OF CHIEF FINANCIAL OFFICER

The board of directors (the "Board") of China Modern Dairy Holdings Ltd. (the "Company") is pleased to announce that Mr. Dong Xianli ("Mr. Dong") has been appointed as the Chief Financial Officer of the Company with effect from 1 December 2016.

Mr. Dong, aged 51, has extensive experience in financial management with accountant and valuation qualifications in the People's Republic of China. Mr. Dong graduated from Beijing Forestry University (北京林業大學) with a bachelor degree in soil and water conservation in July 1985 and from Inner Mongolia University of Technology (內蒙古工業大學) with a master degree in project management in January 2010. Prior to joining the Company, Mr. Dong was the Assistant Vice President of China Mengniu Dairy Company Limited ("Mengniu"), a substantial shareholder of the Company. During his tenure of service with Mengniu and its subsidiaries ("Mengniu Group") for more than 12 years, Mr. Dong has developed strong expertise in financial management in milk industry and was primarily responsible for risk management, internal audit and project investment of Mengniu Group, including holding various senior managerial positions and directorships in certain subsidiaries of Mengniu.

The Board would like to take this opportunity to welcome Mr. Dong to join the Company.

Hong Kong, 24 October 2016

By order of the Board

China Modern Dairy Holdings Ltd. GAO Lina

Vice Chairman, Executive Director and Chief Executive Officer

As of the date of this announcement, the executive directors of the Company are Ms. GAO Lina and Mr. HAN Chunlin, the non-executive directors of the Company are Mr. YU Xubo, Mr. WOLHARDT Julian Juul, Mr. HUI Chi Kin Max, Mr. ZHANG Ping and Mr. SUN Yugang, the independent non-executive directors of the Company are Mr. LI Shengli, Mr. LEE Kong Wai Conway, Mr. KANG Yan and Mr. ZOU Fei.